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132nd MAINE LEGISLATURE |
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LD 756 |
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LR 1667(02) |
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An Act Creating
and Sustaining Jobs Through the Development of Cooperatives and
Employee-owned Businesses by Providing Tax Deductions for Certain Qualified
Business Activities |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2025-26 |
FY 2026-27 |
Projections FY 2027-28 |
Projections FY 2028-29 |
| Net Cost
(Savings) |
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General Fund |
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$608,260 |
$522,500 |
$551,000 |
$570,000 |
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| Appropriations/Allocations |
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General Fund |
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$104,760 |
$0 |
$0 |
$0 |
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| Revenue |
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General Fund |
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($503,500) |
($522,500) |
($551,000) |
($570,000) |
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Other Special Revenue Funds |
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($26,500) |
($27,500) |
($29,000) |
($30,000) |
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| Fiscal Detail
and Notes |
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This bill includes
a revenue decrease to the General Fund of $503,500 in fiscal year 2025-26 and
$522,500 in fiscal year 2026-27 by providing tax deductions for certain
qualified business activities beginning on tax years on or after January 1,
2025. The bill also includes a revenue decrease to the Local Government Fund
of $26,500 in fiscal year 2025-26 and $27,500 in fiscal year 2026-27.
The bill includes a one-time General Fund appropriation to the Bureau of
Revenue Services within the Department of Administrative and Financial
Services of $104,760 in fiscal year 2025-26 to fund computer programming
costs associated with the provisions of this bill. |
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